Let your money do the work with an Advantage Plus Account
You’ve worked hard, so let us pick up where you’ve left off with an account that keeps your funds safe and in your control. The Advantage Plus Account is offered to those aged 55 and over and features a stepped interest rate so that the more you’ve saved, the more you’ll get back.
- 3.00% p.a. interest on account balances $50,000 and over
- $0 withdrawal fees at 2,100+ atmX locations Australia-wide
- $0 withdrawal and deposit fees at 3,500+ Bank@Post locations
- $0 minimum monthly deposits
How it works: Advantage Plus Account interest rates
- Interest is calculated on daily balances on a stepped basis and paid quarterly
- Before making your decision, you should consider our Deposit Rate Schedule, which gives you more details about rates.
| Account balance | Interest rate |
|---|---|
| Up to $4,999 | 0.01% p.a. |
| $5,000 to $49,999 |
1.50% p.a. |
| $50,000 and over |
3.00% p.a. |
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Yes, The Advantage Plus Account is designed for members aged 55 and over and provides a way to earn interest while enjoying the flexibility of a transaction account.
With the Advantage Plus Account Members can enjoy features including:
- unlimited access to deposit and withdraw funds without penalty
- no monthly or everyday transaction fees
- no account opening or ongoing balance requirements
For this type of account, interest is earned on a stepped basis. This means the noted interest rate applies to the portion of the total balance that falls within the noted balance bracket.
Advantage Plus Account details
You can see a full list of Advantage Plus Account fees in our Fees and Charges Schedule. Or, take a look at our Deposit Rate Schedule for more info on rates.
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Fees
- Everyday transaction fees such as internet transfers, periodical payments, direct debits and direct credits: $0
- Monthly account keeping: $0
- Dishonour fee – where a cheque or direct debit is not honoured, e.g. when you do not have sufficient funds available in your account: $0
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Eligibility
- Over 18 years of age
- Queensland residential address
- Australian driver licence or Australian passport
- Australian mobile number
Applying for your Advantage Plus Account is easy
It’s easy to switch to RACQ Bank using your computer or smart phone. It takes only a few minutes to submit your application online:
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Fill in your online application and complete your identity check -
If you have nominated a second applicant they will also be sent their invitation to complete their application and identity check -
Once you application is submitted we will open your account and send you a text message and email with your account details
Why make the switch to RACQ Bank
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Bank wherever you go with internet banking and the RACQ Bank app. -
Use your smartwatch or phone to pay via Apple Pay, Google Pay™ and Samsung Pay*. -
Our bank cards are made from 82% recycled materials. -
Enjoy discounts that make your everyday life more affordable.
Other bank accounts
Your RACQ membership comes with exciting benefits~~
Save on everyday essentials with 4% off pre-purchased Woolworths Supermarket eGift Cards.
Drive further for less with 4 cents off per litre on fuel at participating Caltex service stations#.
Movie night just got better- Save up to 40% on eVouchers for Event Cinemas and BCC Cinemas.
Dig into delicious discounts at more than 300 food and dining locations across Queensland.
Contact us
Need help or would like to know more? RACQ Bank offers many convenient ways for you to get in touch with us.
Advantage Plus Account FAQs
Things to note
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
Interest rates on a per annum basis and are current as at 4 March 2025 and subject to change at any time.
You can only create a PayID within mobile or internet banking by linking it to an eligible account. Not available on some accounts. Please read the Mobile and Internet Banking Terms and Conditions for more information.
Biometric identification features are compatible with selected devices only, noting that some devices may not be able to use particular biometric identification methods. For Android, selected biometric features should be available on devices with android v 4.4 or greater, provided that feature is available in device. For iOS device, any device that is running with IOS version 9, 10 or 11 (or greater), provided that feature is available in device.
* The Apple logo and Apple Pay are trademarks of Apple Inc.., registered in the U.S. and other countries. Google Pay, and the Google Pay Logo are trademarks of Google Inc. Samsung Pay is a trademark or registered trademark of Samsung Electronics Co., Ltd.
~~ Terms and conditions apply to all offers. View the individual offer for full details. Offer is subject to availability and may be withdrawn at any time without notice.
#Conditions apply. Offer available at participating Caltex and Puma Energy service stations. Visit racq.com/caltex for details.